ECO-2 No. of Printed Pages : 7

BACHELOR'S DEGREE PROGRAMME

Term-End Examination

December, 2012

ELECTIVE COURSE : COMMERCE

ECO-2 : ACCOUNTANCY-I

Time : 2 Hours Maximum Marks : 50

Note : Attempt any four questions, including question no. 1

which is compulsory.

1. Answer any two of the following : 7+7

(a) Distinguish between Income and

Expenditure Account and Receipts and

Payments Account.

(b) What do you mean by invoice price ? Give

reasons for consigning the goods at invoice

price.

(c) What is cost concept ? Explain its

accounting implications with examples.

(d) Discuss briefly the utility of debit note, credit

note and invoice.

2. (a) What do you mean by Sectional Balancing ? 6+6

How does it differ from self-balancing ?

(b) Differentiate between Provisions and

Reserves.

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3. Radha & Co., Bombay sent on consignment to 12 Krishna & Co., Chennai 100 Fans, invoiced at Rs. 100 each on 5th June, 2009. Radha & Co. paid Rs. 2000 for dispatch of goods to the consignee. Consignee remitted Rs. 6000 as an

advance by bank draft on 20th June 2009. The

consignee is entitled to a commission of 10% on the sale proceeds. On receipt of goods the

consignee paid Rs. 2000 for godown charges. On 30th June, 2009 Krishna & Co. sent an Account

sales showing that the fans have realised Rs. 250 each. He remits the amount due to Radha & Co.

Prepare ledger accounts in the books of the consignor.

4. The Trial Balance of M/S Mohan Brothers shows 12 the following balances as on 31.12.2010 :

Rs. Rs. Purchases 60,000 Capital 1,13,075 Sales Return 1,500 Sales 1,27,000 Machine 90,000 Purchase Returns 1,275 Opening Stock 40,000 Discount Received 800 Discount allowed 350 Creditors 20,000 Bank charges 100 Bills payable 5,000 Debtors 45,000 Salaries 7,000 Wages 10,000 Carriage inward 1,000 Carriage outward 1,200 Rent paid 2,000 Bad debts 2,000

Cash at Bank 7,000

2,67,150 2,67,150

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2

Closing stock was valued at Rs. 35000. Prepare

trading account and Profit and Loss Account for

the year ended 31.12.2010 and a Balance Sheet

as on that date.

5. Birla Cotton Mill purchased a machine on 12

1st May 2006 for Rs. 90,000. On 1st July, 2007 it

purchased another machine for Rs. 40,000. On

31.3.2008 it sold off the first machine purchased

in 2006 for Rs. 58000 and on the same date

purchased a new machine for Rs. 1,00,000.

Depreciation is provided at 20% p.a. on the

original cost each year. Accounts are closed on

31st December each year.

Show Machine Account for three years.

6. Write short note on the following :

(a) Single Entry System,

(b) Ledger,

(c) Promissory Note

4+4+4

ECO-2 3 P.T.O.

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ECO-2 5 P.T.O.

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ECO-2

6

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4+4+4

ECO-2 7